GCT Semiconductor Holding, Inc. (NYSE:GCTS) shares are trading higher in the premarket session on Friday.
Aramco has signed a memorandum of understanding with GCT Semiconductor, setting the stage for a strategic collaboration to boost the 4G/5G ecosystem in Saudi Arabia for mission-critical andpublic safety networks.
The partnership seeks to create customized chipsets and modules for LTE, 5G, and the NTN spectrum, facilitating wireless device localization and IoT production in the Kingdom.
“We look forward to working with Aramco and leveraging our advanced 4G and 5G capabilities with future-focused AI-driven modem features to help develop the local ecosystem and provide reliable and fast communication for their key applications in Saudi Arabia and the broader region,” said John Schlaefer, CEO of GCT Semiconductor, Inc.
Earlier on March 27, 2024, the company commenced trading after completion of its business combination with Concord Acquisition Corp III.
“The public listing catalyzes our product development and commercialization and the gross proceeds raised through the transaction will position us to benefit from the global market transition from 4G to 5G,” Schlaefer said in a press release dated March 26.
Price Action: GCTS shares are trading higher by 90% to $10.89 premarket on the last check Friday.
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